Shifting Populations and Remote Work Trends Give Borrowers More Options

Apr 14, 2022 • Press Room
Shifting Populations and Remote Work Trends Give Borrowers More Options

LAKE FOREST, Ill., April 14, 2022 /PRNewswire/ -- Twenty-four months after Covid-19 lockdowns began shifting work to hybrid and work-from-home models, only a third of U.S employees have returned to their offices, according to the Wall Street Journal. As employees realize they have expanded options on where they can live, there has been a push out of city centers where buyers can get more home for their money.

New Data, released by the Census Bureau in March, shows that many of those who left larger, more urban counties at the height of the pandemic have begun settling into their lives in medium and smaller ones. While these trends affect major coastal cities like New York and Los Angeles, the movement can be seen in the towns across the Midwest as well.

"I have seen massive growth in the counties surrounding Indianapolis," said Jennifer Goldsby, VP, Renovation Lending at Diamond Residential Mortgage Corporation. "It seems like they can't build the homes fast enough to meet demand."

Census data shows Indiana's annual net population growth was the lowest since 2015, adding only 20,341 residents in 2021. However, due to the in-migration of over 19,000 residents, there were robust population gains across dozens of rural counties. To see this trend in action, you can look at Marion County, which is home to the state capital of Indianapolis.

From 2010 to 2020, Marion County grew by an average of 7,300 residents per year. Still, in 2021 the county lost 5,500 residents – many leaving to the more rural surrounding counties like Boone, Hamilton, and Hendricks.

There is no better feeling than helping someone who didn't think they could afford a new home buy an older property and renovate it

According to Goldsby, this trend is not surprising.

"Rural properties may have more space to add new additions for home offices, home gyms, and extra living areas for growing families. Home buyers have the added benefit of using USDA or USDA renovation loans which offer the ability to buy a rural home with no money down."

USDA loans are a mortgage option sponsored by the United States Department of Agriculture to promote homeownership in rural communities. USDA Loans, sometimes called "RD" or Rural Development loans, offer No Down Payment required financing options on eligible rural properties and are available to qualified home buyers based on factors such as property location and income levels.

A renovation mortgage allows a home buyer to purchase a property and include renovation costs. These loans have USDA, conventional, and FHA options available. They can be a great option for first-time homebuyers with expanding families or changing family needs – such as the desire for a home office that does not need to be near their company's headquarters.

The rise in flexible work options and locations has also led to an increase in the gig economy. According to the Labor Department, the number of unincorporated self-employed people in the United States eclipsed 10 million in March on a seasonally adjusted basis, nearly 400,000 more than when the pandemic began.

"These borrowers don't typically meet standard eligibility requirements for traditional loan products," said Kris Brian, SVP of Mortgage Products at DRMC. "But unlike local banks or big-box lenders, we have products that can serve those with unique income situations."

These products, such as bank statement and asset depletion loans, are just some of the suite of products that DRMC has added since the beginning of the pandemic – all to continue to help people achieve their dream of homeownership. Just last month, DRMC announced the launch of ITIN mortgages which cater to borrowers that live and work in the US but do not have standard citizenship.

"There is no better feeling than helping someone who didn't think they could afford a new home buy an older property and renovate it," says Goldsby. "Often, their new mortgage payment is cheaper than the rent they were paying, and who wouldn't feel good about giving an aged home a second chance?"

About Diamond Residential Mortgage Corporation
Diamond Residential Mortgage Corporation is a mortgage lender with corporate headquarters in Lake Forest, Illinois, licensed to originate and service mortgage loans in 19 states. DRMC is approved to originate FHA, VA, USDA, and conventional mortgage loans and a number of mortgage loan products offered by private investors. It is an approved Fannie Mae Seller/Servicer and Ginnie Mae Issuer. Founded in 2009 by Paul Diamond, DRMC has since expanded to over 30 branch locations across the United States. DRMC is not affiliated with or acting on behalf of or at the direction of any governmental body or agency. DRMC is an Equal Housing Opportunity lender, NMLS #186805, NMLS Consumer Access. 

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SOURCE Diamond Residential Mortgage Corporation
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